Following weeks of cold war with major shareholders Carl Icahn and Darwin Deason triggered by a deal with Japan’s Fujifilm, Xerox (XRX) CEO Jeff Jacobson has now agreed to step down from his post.
Xerox made this settlement after a US judge temporarily blocked the merger with Fujifilm based on the lawsuit filed by Deason. This latest twist weakens the prospects of the merger, as the board will be reportedly replaced by members who are representatives of the two shareholders. The new board members will evaluate various other strategies with regards to the proposed merger, which may also include a termination of the deal.
Chief executive of Icahn Enterprises (IEP), Keith Cozza, would be roped in as the Chairman of Xerox and John Visentin, who was earlier associated with Icahn’s vast empire, was chosen as the CEO.